Canadian businessman, Kevin O’Leary, says that the regulations in the cryptocurrency sector will attract more capital into the sector.
BTCUSD is up +0.16%
The entrepreneur, nicknamed Mr. Wonderful, also advocates for renewable proof-of-work mining as the best practice to advance the adoption of cryptocurrencies.
O’Leary commented during the Bitcoin 2022 Conference that many US senators and house representatives were working on regulations in a proactive manner.
He adds that crypto assets will be the 12th sector of the S&P 500, noting that regulations were quickly advancing and would be a positive thing in the industry.
The investor maintains that stablecoins are becoming a rapidly growing asset aside from bitcoin and sees it as the next reserve currency in various jurisdictions.
The famed investor has remained bullish about cryptocurrencies, recently revealing that cryptocurrency, including tokens and blockchain firms, makes up to 20% of his asset portfolio.